BlackRock's IBIT will surpass Grayscale's GBTC by BTC holdings.
The crypto market has gradually transitioned from being participated by only a few geeks to being dominated by financial institutions.
As the world's largest asset management institution, $BlackRock(BLK)$ has about 10 trillion U.S. dollars of funds in its hands. It can be said that it is rich as a country.
BlackRock also has an inseparable relationship with the U.S. government. After the collapse of Silicon Valley bankss in the United States last year, "Wall Street scavenger" BlackRock was hired as a consultant to help the U.S. government arrange the sale of US$114 billion from bankrupt Signature Bank and Silicon Valley Bank holds $114 billion in securities.
BlackRock played a very key role in promoting the approval of the spot Bitcoin ETF, which was mainly due to BlackRock’s huge influence in the US political and financial circles.
In June 2023, BlackRock submitted an application for a spot Bitcoin ETF to the SEC. After more than half a year of communication and coordination with the SEC, the SEC finally approved 11 spot Bitcoin ETFs at the same time on January 11, 2024.
Among the largest institutional holders of $MicroStrategy(MSTR)$ , BlackRock ranks third, with a stock market value of US$1.4 billion. It is through this form that BlackRock indirectly holds Bitcoin risk exposure.
Among the large holdings of micro-strategy stocks, we can see BlackRock.
According to statistics, the number of Bitcoins currently held by BlackRock’s Bitcoin ETF has exceeded 260,000, exceeding $MicroStrategy(MSTR)$ ’s Bitcoin holdings (210,000).
As an important driving force in the last bull market, Grayscale currently holds 310,000 Bitcoins, which is only 50,000 more than the number held by BlackRock IBIT.
With the continuous outflow of $Grayscale Bitcoin Trust(GBTC)$ and the continuous inflow of BlackRock Spot Bitcoin ETF, the number of Bitcoins held by BlackRock $iShares Bitcoin Trust(IBIT)$ will definitely exceed the holdings of Grayscale GBTC, and then become the number of Bitcoin holders. It also means that BlackRock will replace Grayscale and become the new leader in this field.
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